Core Viewpoint - The company, Opcon Vision, is attempting to regain its market position in the corneal reshaping lens (OK lens) sector through the acquisition of a controlling stake in Shangyue Qicheng Hospital Management Co., Ltd for 334 million yuan, funded partly by redirected fundraising from a previous project that has seen slow progress [2][3][4]. Group 1: Acquisition Details - The acquisition involves purchasing 75% of Shangyue Qicheng, which has a valuation of 445 million yuan, representing a significant premium of over 7 times its book value [4]. - Shangyue Qicheng's core asset is the fully-owned subsidiary, Xingcheng Eye Hospital, which focuses on vision correction and related services, with approximately 40% of its business in refractive medical services and 14% related to OK lens [3][4]. - The acquisition is expected to enhance Opcon Vision's service density and market competitiveness, leveraging synergies between medical and optical services [3]. Group 2: Financial Performance and Market Challenges - Opcon Vision reported a revenue of 1.814 billion yuan in 2024, a modest growth of 4.4%, but a decline in net profit by 14.16% to 572 million yuan, marking the worst performance in recent years [7]. - The decline in sales of OK lenses, which generated 760 million yuan in revenue, is attributed to high-end consumer fatigue, competition from alternative products, and an overall increase in market competition [7][9]. - The market for OK lenses is becoming increasingly competitive, with over 20 companies now registered to produce these products, leading to a significant drop in profit margins [9][10]. Group 3: Strategic Outlook - The company aims to implement a dual strategy of "full optical products + all-age optical services" to drive growth, while being cautious about new site openings due to current market conditions [8][10]. - Future plans include evaluating potential acquisition targets in the optical service sector to support both organic growth and external expansion [10].